If you’re young and fit, we applaud you! There’s no time like the present to acquire life insurance while the premiums are still small. Buying a life insurance policy early on in life can often provide substantial savings over your lifetime. Most of all, life insurance provides peace of mind—for you as well as your family.
Life insurance is usually divided into temporary and permanent coverage. At McCormick Insurance Solutions, our most common products include term insurance, universal insurance and whole life insurance.
Term insurance protects you for a specified time (number of years) based on the length of your premium payments. Because the policy does not accumulate cash value, this type of insurance is more about “what you give is what you get.” Term is generally purchased only when a policyholder requires a payout in the event of death, and for no other reason.
Over time, permanent life insurance will become like ‘cash’ when the policy matures (pays out). That is, unless the policy owner forgets or fails to make the regular payments and lets the policy expire. Permanent insurance premiums often become less expensive to the policyholder. Even better, you can cash out (withdraw) your money, borrow against the policy’s cash value, or surrender the policy and receive the present cash value.
The two types of permanent life products that McCormick Insurance Solutions provides is whole life insurance and universal life insurance.